Top Officials Unite: 'Act Now' on Crypto Market Structure
Three prominent voices in finance, crypto, and policy urged Congress this week to move quickly on the Clarity Act, a long-awaited bill to define how cryptocurrencies and blockchain-based financial products operate under U.S. law. Treasury Secretary Scott Bessent called for the Senate Banking Committee to advance the legislation to President Trump's desk, saying that Congress has spent years debating a framework to “onshore the future of finance.” “Senate time is precious, and now is the time to act,” Bessent said on social media, echoing points from his Wall Street Journal op-ed that argued U.S. leadership in global finance depends on clear, durable digital-asset rules.
David Sacks, who championed last year's Genius Act on stablecoins and is the White House's former Crypto Czar, endorsed Bessent's call. He said the Clarity Act would provide “rules of the road” for all other digital assets. “Secretary Bessent is right — the time to act is now. Senate Banking, and then the full Senate, should pass market structure,” Sacks wrote. He added that he expects Congress to deliver the bill for President Trump's signature. SEC Commissioner Paul Atkins also joined the push. “The project is designed so once Congress acts, the SEC and CFTC are ready,” Atkins said on X. “It's time for Congress to future-proof against rogue regulators and advance comprehensive market structure legislation.”
Core of the Bill: Defining SEC vs CFTC Jurisdiction
The Clarity Act, seen as a companion to the Genius Act signed by President Trump last year, seeks to establish regulatory boundaries between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The bill defines when a token qualifies as a security, sets operating pathways for trading platforms, and introduces new anti-fraud and anti-money-laundering measures. Supporters argue the crypto bill would enhance financial oversight while keeping blockchain innovation — and its associated jobs and tax revenue — within U.S. borders. By codifying legal parameters, they say, the legislation would protect investors, reduce regulatory uncertainty, and keep the U.S. at the forefront of financial technology rather than ceding ground to foreign markets.
Bessent: Crypto Innovation Is Going to Other Countries
In his op-ed, Bessent warned that the absence of clear crypto regulation has driven innovation overseas to jurisdictions like Abu Dhabi and Singapore. Without consistent U.S. rules, he wrote, developers and investors face uncertainty about registration, compliance, and enforcement. “Nations that provide clarity attract innovation,” Bessent wrote. “The Clarity Act would restore confidence that digital-asset businesses can build and grow in the United States.” The Genius Act last year established a framework for dollar-backed stablecoins, aligning blockchain-based payments with the U.S. dollar's global role. The Clarity Act would extend that foundation to the broader digital-asset ecosystem, including tokenized securities, decentralized exchanges, and blockchain-based settlement systems.
What's Next: Will Congress Move Fast Enough?
The joint push from three top officials provides significant political momentum for the Clarity Act. However, Senate schedules are tight, and bipartisan disagreements over regulatory details remain. Given that President Trump already signed the Genius Act into law last year, market participants are cautiously optimistic that the Clarity Act could pass before the end of the year. If enacted, the U.S. would become one of the few major economies with a comprehensive digital asset regulatory framework, potentially attracting more blockchain enterprises and capital back to American shores. “The United States became the world's financial center by leading during moments of technological change,” Bessent wrote. “Passing this legislation ensures that the next generation of finance is built on American rails, backed by American institutions, and denominated in American dollars.”